PNC Commits $1B+ to Address Systemic Racism, Economic Empowerment
PITTSBURGH – The PNC Financial Services Group is committing more than $1 billion to address systemic racism and support the economic empowerment of black and low- and moderate-income communities.
The effort will provide $50 million in additional charitable support for national and local work, expand financial education and workforce development programs and enhance low-income neighborhood revitalization and affordable housing.
Also included is the addition of more than $1 billion in community development financing and capital for neighborhood revitalization, consumers and small businesses, as well as enhancements to PNC’s existing matching gift program to include nonprofits that support economic empowerment and social justice education. PNC will also “fully engage” employees who volunteer with such programs and will provide up to 40 hours paid off per year to do so.
“We are living in one of the most important civil rights movements of our time. Each of us has a role to play in combatting racism and discrimination, and PNC is committed to driving real change in areas in which we can make the greatest impact,” said President and CEO William S. Demchak in a statement. “This is about much more than writing a check. This is about PNC doing what it does well – putting our capital to work in the communities we serve and providing innovation through products and services, with a special focus on helping African Americans buy homes, which we recognize is an important factor in wealth accumulation. We are also going to make a positive impact through employee volunteerism.”
PNC said the announcement is just one step toward furthering its commitments and building on the meaningful work that the company has done in this space.
“Diversity and inclusion are fundamental tenets of PNC’s culture. We are also committed to an intensified focus on the recruitment, retention and advancement of African American talent; a more comprehensive and sustained effort to create a more inclusive culture at PNC; and a focus on internal systems to improve racial equality,” Demchak said.
“Within our own company, we are having more candid, transparent and quite frankly, more difficult conversations about the challenges facing our black colleagues and customers and what we must do to change that,” he said. “We have a responsibility to act – a responsibility to each other, our clients, communities and shareholders. We need to seize this moment and use our voices, our influence and our resources to address racism, discrimination, bigotry, bias and economic and health disparities that plague our country.”
Earlier this month, PNC donated $200,000 to the Lawyer’s Committee for Civil Rights Under Law to support the organization’s work to ensure voting access in all communities, particularly in communities of color.
PNC is also a signatory to Time to Vote, a nonpartisan coalition of companies working to increase voter participation.
Published by The Business Journal, Youngstown, Ohio.